But how did the Liverpudlian make his way to Deepdale? A popular and well-travelled striker as a player, he has forged a reputation as one of the top managerial talents in the EFL at Bury and Plymouth.
Now he's tasked with getting North End heading towards the right end of the Championship after Frankie McAvoy's departure.
Here, we chart his career from fresh-faced frontman to promotion-winning boss.
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9. Bury
Lowe was the first person to win promotion as a player, twice, and manager, once, with Bury
10. Bury
Lowe first assisted former North End defender Chris Lucketti as a player-coach before getting the top job at Bury
11. Bury
Lowe helped Bury to promotion from League Two in the face of increasing problems behind the scenes. A few months later they were expelled from the EFL
12. Plymouth
Lowe would then guide Plymouth to League One and departs with them fourth in the table. He's pictured during his final match in charge in the FA Cup at Rochdale on Saturday